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FAQ


Q. Do I need any experience to bid at one of your auctions?
Q. Do I need to register to bid at the auction?
Q. How will I get financing if I'm the winning bidder?
Q. What if I want to use my own lender?
Q. Should I go inspect the units prior to bidding at the auction?
Q. Can I purchase more than 1 unit at this auction?
Q. When will I receive title to any property I may purchase?
Q. What if I change my mind? Can I cancel the transaction after the fact?
Q. How long will each auction last?
Q. What is the 5% Buyers Premium and what is it used for?

Q. Do I need any experience to bid at one of your auctions?

Ans. No...bidding is simple and FREE! As a first timer or an auction veteran, come to the auction, explore and ask questions. Our staff will be happy to assist you in any way we can. You will see for yourself how easy the process is and you will be ready to bid yourself.
Q. Do I need to register to bid at the auction?

Ans. Yes! You can register online. It's easy! We suggest that your register at least 48 hours prior to the auction in order to receive all pertinent information relating to the event. And remember, it's totally FREE! And there is no obligation on your part!
Q. How will I get financing if I'm the winning bidder?

Ans. We will be offering competitive financing terms "On the Spot". Lender representatives will be available immediately after your winning bid to choose the financing option that's right for you! We strongly urge you to prequalify with the preferred lender. The process is easy and cost free. You have no obligation to use the lender. You will know however that you have that resource if you want it.
Q. What if I want to use my own lender?

Ans. You are free to use your own lender...BUT, if you choose to utilize a third-party lender (a lender other than those designated by the sellers) there is no contingency for financing and failure to gain approval within the specified escrow time-frame may result in liquidated damages. We encourage you to utilize the Seller Designated Lenders due to their experience and knowledge of the property. They are lenders who specialize in helping anyone...from the first-time buyer, to the sophisticated investor.
Q. Should I go inspect the units prior to bidding at the auction?

Ans.Yes, yes, yes! We feel that the only way for you to make an informed purchasing decision is to not only visit, view and inspect the units prior to the auction, but to also view all the related unit information and disclosure documents. By registering and bidding at the auction, you are certifying and representing that you have not only viewed the unit prior to bidding, but have reviewed and accepted all relevant unit information and disclosures.
Q. Can I purchase more than 1 unit at this auction?

Ans. Yes, however, if you are planning to purchase multiple units you must be prepared with the following:

1.$10,000 Cashier check (made payable to you or Strook Strook & Lavan) for each unit you desire to purchase, plus a personal check for the remaining balance of the 10% earnest money deposit.
Q. When will I receive title to any unit I may purchase?

Ans. You will receive title vested as you designate at closing from the designated national title/escrow company.
Q. What if I change my mind? Can I cancel the transaction after the fact?

Ans. No! Once the auctioneer has said "sold" a legal binding contract has been established and can not be cancelled by either the buyer or the seller except for legal cause. There is no rescission or "cooling off period". That is it why it is so important and required for you to conduct all your due-diligence prior to auction day.
Q. How long will each auction last?

 Ans. Generally, we are able to sell around 20 units per hour, so things will be moving at a rapid, but manageable pace for our bidders.
Q. What is the 5% Buyers Premium and what is it used for?

Ans. The 5% Buyers Premium is used to help the Auction Company promote the auction through multiple mass-media outlets such as Television, Radio and Direct Mail, without having to pass on all those costs to the Seller. It is a standard practice utilized by many major auction companies.

As an example:
You are the winning bidder on a unit at $800,000. The buyers premium would be $40,000 (5% of the winning bid amount) thus making the final selling price $840,000

Remember:
You will need to register for the auction and bring a $10,000 cashiers check made payable to you or Strock, Strock & Lavan in order to bid at the auction. In addition, if you are the winning bidder, you will need a personal check to make up the balance of your 10% total deposit on auction day, as well as a valid I.D. for all parties wishing to be a party to the transaction.

Register Now!!

We'll see you at the Auction!
 
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Sales Center 640 West 237th Street, Riverdale, NY 10463 718.884.0770

This is not an offering. The complete offering terms are in an offering plan available from the Sponsor. File No. CD 05-0276. This is not an offer to sell condominium units in any jurisdiction which requires prior registration and in which the Condominium is not registered. Arc Marketing LLC is the sole marketing agent.